Newsweek Covers Continued Reluctance to Prosecute Wall Street

By: Monday May 7, 2012 10:28 am

Bloomberg’s editorial board had a pretty good denunciation of forced-place insurance, the scam whereby servicers purchase insurance for borrowers who they deem have lapsed coverage, at enormous markups with kickbacks for themselves, which in many cases drives homeowners into foreclosure. Here’s how it generally works: Banks and their mortgage servicers strike arrangements — often exclusive [...]

CFPB Announces Draft Mortgage Monthly Statement

By: Monday February 13, 2012 1:38 pm

One thing we don’t have a great handle on is how the Consumer Financial Protection Bureau will play a role in the foreclosure fraud settlement, and more to the point the ongoing issues in the mortgage servicing industry. CFPB Director Richard Cordray goes some way to explaining their perspective in a Politico op-ed. The CFPB [...]

New York Investigates Forced-Place Insurance Scams

By: Wednesday January 11, 2012 7:35 am

Louise Story writes about a new investigation in New York of big banks and their mortgage practices. This one is not being run by Attorney General Eric Schneiderman, though he reserves the right to get involved. Instead, the New York Department of Financial Services is investigating the banks on the issue of forced-place insurance, one [...]

Anonymous Emails Accuse BofA With Forced-Place Insurance Scam

By: Monday March 14, 2011 6:49 am

I have not been able to get into the Anonymous leak of Bank of America emails so far, but as I understand it, the source of the emails doesn’t work for BofA but Balboa Insurance, which used to be owned by them. And his claim is that BofA operated a large forced-place insurance scandal. Briefly, [...]

As Foreclosure Crisis Deepens, Another Servicer Scam Exposed

By: Wednesday November 10, 2010 8:37 am

To hear the big banks tell it, the crisis in foreclosure fraud has abated. They’ve checked and double-checked their documents, replaced the forms where necessary, and are now ready to move forward with the conveyor belt to evictions. If that’s the case, why is another top mortgage servicer suspending foreclosures? Goldman Sachs’ mortgage servicing unit [...]

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